Want to Know how to reduce your Income Tax. Have eye on this.

Hello Everbody

If you are a person having some income  you must  looking at your income tax by this time because already 31^st march is over. So here we are presenting some of exemptions and deductions  you can get under income tax act from your income.

First i will discuss about basics you must know before filling the income tax return

We belive that you were aware that there will  salb rates for income tax computation

These slab rates are different for persons based on their age.

Here we can classify all under three categories

1         1)       Persons whose age is less than 60 years

2         2)      Persons whose age is more than 60 years but less than 80 years(Senior citizens)

3         3)      Persons who are above 80 years.(Super senior citizens)

So based on above category the Tax amount will be calculated

The tax rates for different  age groups will be like this

`

Income/Age	Upto 60 Years	Upto  80 Years	Above 80 Years
0-2,50,000 p.a	0%	0%	0%
2,50,000-300000p.a	5%(rebateof 2,500/-)	0%	0%
3,00,000-5L p.a	5%	5%	0%
5L-10L p.a	20%	20%	20%

• Above 10L everybody should pay 30% of tax on total income

• Along with the tax amount 4% cess on tax amount should be paid.

• The benefit avalible for small assesses is rebate under U/S 87A

       If a person is resident in india and his total income less deductions is less than 3,50,000 than               rebate of Rs2,500/- or tax payable which ever is lower is allowed

The above provisions are all applicable for the FY 17-18(AY 18-19).

 Any quries regarding Tax or need expert advise contact us at bcaconsultancy22@gmail.com

Exemptions and deductions we will post soon.

Thanks for reading.

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